Dynegy Follows Peers by Narrowing Full-Year Guidance
We are reaffirming our $17 per share fair value estimate, no-moat rating, and stable moat trend after Dynegy reported second-quarter adjusted EBITDA of $187 million, down from $192 million in the same year-ago period. Management narrowed its 2016 adjusted EBITDA guidance by $100 million to $1.0 billion-$1.1 billion, in line with our current $1.1 billion estimate. We plan to reduce our adjusted EBITDA slightly, but we are maintaining our midcycle assumptions, resulting in no fair value estimate c...
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